What is an example of a monopoly?

For example, one advantage of using the Windows computer operating system is that so many other people use it. That has advantages in terms of sharing files and other information. An industry with a single firm, in which entry is blocked, is called a monopoly.

What causes a monopoly?

(2) Government regulation: The government can restrict market entry by law (e.g. through patents, copyright laws), which may result in a monopoly. (3) Economies of scale: In some industries, a single firm can supply a good or service at a lower cost than two or more firms could, which results in a natural monopoly.

What are monopoly and competition?

monopoly and competition, basic factors in the structure of economic markets. In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute.